The details:
FHA is now approving mortgages for borrowers who have experienced an Economic Event* and can document that:
* Certain credit impairments were the result of a Loss of Employment or a significant loss of Household Income beyond the borrower's control;
* The borrower has re-established satisfactory credit for a minimum of 12 months; and,
* The borrower has completed housing counseling.
* An Economic Event is any occurrence beyond the borrower's control that results in Loss of Employment, Loss of Income, or a combination of both, which causes a reduction in the borrower's Household Income of twenty (20) percent or more for a period of at least six (6) months.
If you have specific questions about these new guidelines, just call or email Brian Yampolsky or Joe Ashton at Orion Mortgage.
Brian Yampolsky & Joe Ashton, Co-owners
Orion Mortgage Corporation
11120 N. Tatum Blvd, Suite 100
Phoenix, AZ 85028
602-912-0222 office
e-mail: info@orionmtg.com
